Please Help: Tds on interst from relatives

Posted Date : 01-Jul-2014 , 12:21:51 pm | Posted By Surya Karan

sir, i have taken loan from my father of Rs. 2100000 and used it into my business but need not to repay it. there is no formal agreement. is it necessary to book interest in the books and what is the tds liability & consequences if i write off as gift under section 56.

Category : Income Tax | Answers : 0 | Comments : 0 | Hits : 209